Volvo will phase out all combustion engine models by 2030, including hybrid models. In 2019 Volvo already stopped new models with only a combustion engine. Volvo wants to lead the fast-growing market for premium electric cars, the company now says.
The all-electric ambition is an acceleration of its electric driving strategy, according to Volvo. Demand for electric cars is growing, and Volvo is “strongly convinced that the combustion engine car market is shrinking”. Previously, Volkswagen and Ford, among others, expressed the ambition to only sell electric cars by 2030.
Only buy online
In the coming years, Volvo will also focus more on the online sale of cars, including with its Care by Volvo leasing service. “All fully electric cars will only be available online,” said the Swedish automaker.
“To remain successful, we need profitable growth. So instead of investing in a shrinking business, we choose to invest in the future – electric and online,” said Håkan Samuelsson, CEO of Volvo Cars.
Volvo released its first fully electric car, the XC40 Recharge, last year. The second all-electric model will be unveiled later today. In addition, Volvo owns the electric car brand Polestar, which serves as a testing ground for Volvo’s cars. For example, the Volvo XC40 is built on the same platform as the Polestar 2.